Asia Pacific

Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

Singapore Airlines made its debut in the dollar bond market on Wednesday, raising funds for new aircraft purchase as the travel industry prepares for a rebound in the near future.

SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

BMW Automotive Finance (China) Co has sold its first auto loan ABS of 2021, locking in longer-dated financing with a 14 month revolver. The deal added to a strong start for the onshore securitization market in the New Year as bond yields fell from their highs at the end of 2020, writes Addison Gong.

Singapore-listed palm oil company First Resources is tapping the loan market for a $150m-equivalent dual-currency deal.

BMW Automotive Finance (China) Co has priced the senior tranche of its Rmb8bn ($1.24bn) Bavarian Sky China 2021-1 auto loan ABS, a deal with the longest revolving period seen in recent years in the onshore market.

Indian Railway Finance Corp (IRFC) will hit the market next week with the country’s first IPO of the year. It is on track to raise up to Rp46.33bn ($633.7m).

China Cinda Asset Management gave investors a host of maturities to choose from on Tuesday by selling a $2bn four tranche deal.

Yuexiu Property Co grabbed $750m from a dual-tranche trade on Tuesday that was heavily supported by its syndicate team.

With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.

China Maple Leaf Educational Systems debuted in the equity-linked market on Tuesday with a $125m convertible bond.

State-owned electricity generator China Huaneng Group Co priced a dual-tranche $1bn bond on Tuesday, overcoming complications emerging from rising US Treasury rates and geopolitical concerns.